PF Transfer New Rules: Good news for employees! Now balance will be automatically transferred from EPFO account

Employee Provident Fund New Epfo Rules: The new rule will eradicate the necessity for EPFO ​​account holders to manually switch PF when becoming a member of a brand new firm. Earlier, regardless of having Universal Account Number (UAN), people needed to face problem for PF switch, however now the sooner cash will be transferred automatically.

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Employee Provident Fund New Epfo Rules: 1st April means the start of a brand new monetary 12 months in India. Many new guidelines have been applied since yesterday. At the identical time, Employees Provident Fund Organization (EPFO) has additionally introduced essential adjustments from April 1.

According to numerous media experiences, with the brand new rule, when an individual adjustments jobs, his previous provident fund (PF) balance will be automatically transferred to the brand new employer (new PF account).

The new rule will eradicate the necessity for EPFO ​​account holders to manually switch PF upon becoming a member of a brand new firm. Earlier, regardless of having Universal Account Number (UAN), people needed to face problem for PF switch, however now the sooner cash will be transferred automatically.

As per EPF guidelines, staff should contribute 12% of their month-to-month primary wage, employers additionally should contribute equal to this contribution.

EPFO added 16.02 lakh members in January 2024
According to the Labor Ministry, based on the payroll information launched on Sunday, EPFO ​​noticed a rise of 16.02 lakh subscribers in January 2024. About 8.08 lakh members have been newly enrolled throughout this era.

The ministry stated that the provisional payroll information of the Employees’ Provident Fund Organization (EPFO) signifies a internet improve of 16.02 lakh members in January 2024.

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